Brokers should also keep in touch with those clients and let them know what’s happening in the market, she said, even if it’s equally important not to overwhelm them with information.
“It’s our job as brokers and lenders to simplify that process as much as possible and to bring that clarity for them,” she said, “getting them ready so that when there is an opportunity for them to strike, they’re able to do so effectively. And it makes everybody’s lives a lot easier and makes the process enjoyable again.”
Broker-lender relationships crucial for first-time buyers
A glimmer of light for first-time buyers, according to Alfonso Casciato (pictured, top right), EVP of strategic initiatives at Radius Financial, has been a recent increase in the mortgage insurability limit to $1.5 million from the previous cap of $1 million.
That gives borrowers more wiggle room – but for brokers, Casciato also highlighted how strong relationships with lenders can improve chances of getting deals over the line.
“What doesn’t get talked about enough is that you need to spend time creating relationships with your lenders,” he said. “Let’s not forget while all these opportunities are available for first-time homebuyers, programs are changing – enhancing opportunities. I think as brokers you really need to spend some time on creating a very positive relationship with your lenders. It goes a long way.”